Investors Buy Freeport-McMoRan (FCX) on Weakness

Investors purchased shares of Freeport-McMoRan Inc (NYSE:FCX) on weakness during trading hours on Friday. $64.37 million flowed into the stock on the tick-up and $34.35 million flowed out of the stock on the tick-down, for a money net flow of $30.02 million into the stock. Of all stocks tracked, Freeport-McMoRan had the 27th highest net in-flow for the day. Freeport-McMoRan traded down ($0.13) for the day and closed at $19.75

Several analysts have issued reports on the stock. Zacks Investment Research lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday. Scotiabank restated a “hold” rating and issued a $19.00 price target on shares of Freeport-McMoRan in a research report on Monday. Morgan Stanley upgraded shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $10.00 to $14.00 in a research report on Monday, December 11th. B. Riley lifted their target price on shares of Freeport-McMoRan from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday, December 11th. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $17.00 target price on shares of Freeport-McMoRan in a research report on Tuesday, December 5th. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $15.80.

The stock has a market capitalization of $28,580.00, a PE ratio of 27.43 and a beta of 2.51. The company has a current ratio of 2.02, a quick ratio of 1.32 and a debt-to-equity ratio of 1.23.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.03. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. Freeport-McMoRan had a net margin of 6.20% and a return on equity of 13.35%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.13 earnings per share. sell-side analysts expect that Freeport-McMoRan Inc will post 1.09 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its position in Freeport-McMoRan by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 416,147 shares of the natural resource company’s stock valued at $7,890,000 after buying an additional 59,776 shares in the last quarter. North Star Investment Management Corp. boosted its position in Freeport-McMoRan by 65.5% in the fourth quarter. North Star Investment Management Corp. now owns 146,853 shares of the natural resource company’s stock valued at $2,784,000 after buying an additional 58,125 shares in the last quarter. Grassi Investment Management boosted its position in Freeport-McMoRan by 6.1% in the fourth quarter. Grassi Investment Management now owns 62,800 shares of the natural resource company’s stock valued at $1,191,000 after buying an additional 3,600 shares in the last quarter. Visionary Asset Management Inc. acquired a new position in Freeport-McMoRan in the third quarter valued at about $215,000. Finally, GSA Capital Partners LLP acquired a new position in Freeport-McMoRan in the third quarter valued at about $303,000. Hedge funds and other institutional investors own 68.07% of the company’s stock.

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About Freeport-McMoRan

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

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